20th Jul 2020 14:03
(Alliance News) - Tungsten Corp PLC on Monday said revenue grew in the financial year that ended April 30 despite transaction rates being impacted by Covid-19.
The digital financial management products and software solutions provider said revenue grew by 2% to GBP36.8 million. Of this, 93% was repeatable and recurring, up from 92% in the prior year.
Tungsten noted that adjusted earnings before interest, tax, depreciation and amortisation is expected to be in line with expectations.
New sales billings of GBP4.0 million were the same as the year prior, but the second half saw a 35% increase following the company's investment to strengthen its sales capabilities.
Tungsten also marked its "largest ever" single partnership agreement with a leading US bank, which could significantly expand the company's accounts payable buyer portfolio.
Tungsten Chief Executive Andrew Lemonofides said: "In this year of transformation for Tungsten, we have delivered a resilient performance in response to a challenging business environment.
"Our continued focus on sales execution has driven good billing momentum in the second half, as we have invested in building out our capabilities and delivering on our strategic objectives.
"We maintained strong expense management and achieved positive cash generation, which positions the business well for future growth."
The company's full results for the financial year will be released on September 7.
Tungsten shares were up 1.7% at 40.16 pence each in London on Monday afternoon.
By Greg Roxburgh; [email protected]
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